Abandonment	The right a marine assured has to abandon property in order to establish a constructive total loss. An underwriter is not obliged to accept abandonment, but if he does he accepts responsibility for the property and liabilities attaching thereto, in addition to being liable for the full sum insured.
Ab Initio	From the beginning.
ABI - (Automated Broker Interface)	A computer system that allows a Customs Broker to interface directly with U.S. Customs' computer system.
Abu Dhabi Fund for Arab Economic Development (ADFAED)	ADFAED promotes economic and social development in African, Arab, and Asian developing countries. The Fund, which was created in July 1971, began operations in September 1974; headquarters are in Abu Dhabi, United Arab Emirates.
Absorption	Absorption is investment and consumption purchases by households, businesses, and governments, both domestic and imported. When absorption exceeds production, the excess is the country's current account deficit.
Acceptance	This term has several related meanings: (1) A time draft (or bill of exchange) that the drawee has accepted and is unconditionally obligated to pay at maturity. The draft must be presented first for acceptance: the drawee becomes the "acceptor": then for payment. The word "accepted" and the date and place of payment must be written on the face of the draft. (2) The drawee's act in receiving a draft and thus entering into the obligation to pay its value at maturity. (3) Broadly speaking, any agreement to purchase goods under specified terms. An agreement to purchase goods at a stated price and under stated terms.
Accession	Accession is the process by which a country becomes a member of an international agreement, such as the General Agreement on Tariffs and Trade (GATT) or the European Community. Accession to the GATT involves negotiations to determine the specific obligations a nonmember country must undertake before it will be entitled to full GATT membership benefits.
Account Party	The buyer under a letter of credit. The party ultimately responsible for reimbursing the issuing bank for all payments extended on its behalf.
Acknowledgement	A form used by a vendor to advise a purchaser that his/her order has been received, and usually to imply that it has been accepted.
Acquisition	Subject to national and local laws and regulations a company may acquire and hold the shares of stock and other securities of one or more other corporations and businesses. Acquired companies may continue operating as independent organizations with their own names and personnel.
Act of God	An inevitable event occurring without the intervention of man, such as flood, tempest, or death. operating in case of certain contracts, such as those of insurers or carriers.
Actual Container Gross Weight	Total weight of a container, i.e. the weight of the payload plus empty container weight, together with any loose internal fittings.
Actual Pay Load	The difference between the actual gross weight and the gross tare weight of a container.
Actual Total Loss	This relates to an insurance policy and can occur in any of four ways: 1) The property is completely destroyed: 2) The owner is irretrievably deprived of the property: 3) Goods change their character to such a degree that they can be said to be no longer the thing insured by the policy: 4) The subject matter of the insurance, be it ship or goods on board the ship, is recorded as missing at Lloyd’s.
Ad Valorem	According to the value. An ad valorum stamp on deeds or documents is one fixed in proportion to the amount of rent reserved or other element of value expressed in the deed.
Ad Valorem Equivalent	AVE is the rate of duty which would have been required on dutiable imports under that item, if the United States customs value of such imports were based on the United States port of entry value.
Additionality	Clause in a countertrade contract prescribing that a primary supplier's countertrade obligation can be   fulfilled only by incremental exports above achieved trade levels to traditional markets, or by exports to new markets.
Administrative Exception Notes	CoCom controls exports at three levels, depending on the item and the proposed destination. At the lowest level, "national discretion" (also called "administrative exception"), a member nation may approve the export on its own, but CoCom must be notified after the fact. Administrative exception notes are appended to list categories to describe commodities that can be approved solely at national discretion.
Administrative Protective Order	An Administrative Protective Order, APO, is used to protect proprietary data that is obtained during an administrative proceeding. Within Commerce, APO is most frequently used in connection with Antidumping and Countervailing Duty investigations to prohibit opposing counsel from releasing data. The term is also applied in connection with civil enforcement of export control laws to protect against the disclosure of sensitive national security information and information provided by companies being investigated for violations.
Administrative Review	Each year, beginning on the anniversary of the date of publication of an antidumping duty order, the Commerce Department's International Trade Administration is required to review and determine the amount of any antidumping duty, if an interested party requests such a review. The results of this review are published in the Federal Register noting any antidumping duty to be assessed, estimated duty to be deposited, or suspended investigation to be resumed.
Advance Against Documents	A loan made on the security of the documents covering the shipment.
Advance Freight	Partial payment of the bill of lading freight in advance; in other respects is the same as guaranteed freight.
Advance Note	A draft on a shipowner for wages, given to a seaman on signing Articles of Agreement and redeemable after the ship has sailed with the seaman on board.
Advising Bank	A bank, operating in the exporter's country, that handles letters of credit for a foreign bank by notifying the export firm that the credit has been opened in its favor. The advising bank fully informs the exporter of the conditions of the letter of credit without necessarily bearing responsibility for payment
Advisory Capacity	A term indicating that a shipper's agent or representative is not empowered to make definitive decisions or adjustments without approval of the group or individual represented. Compare Without Reserve.
Affidavit	A written declaration on oath.
Affiliate	An affiliate is a business enterprise located in one country which is directly or indirectly owned or controlled by a person of another country to the extent of 10 percent or more of its voting securities for an incorporated business enterprise or an equivalent interest for an unincorporated business enterprise, including a branch. For outward investment, the affiliate is referred to as a "foreign affiliate"; for inward investment, it is referred to as a "U.S. affiliate."
Affiliated Foreign Group	An affiliated foreign group means (a) the foreign parent, (b) any foreign person, proceeding up the foreign parent's ownership chain, which owns more than 50 percent of the person below it up to and including that person which is not owned more than 50 percent by another foreign person, and (c) any foreign person, proceeding down the ownership chain(s) of each of these members, which is owned more than 50 percent by the person above it.
Affreightment	A contract to carry goods by ship. Charter-parties and Bills of Lading are contracts of affreightment.
Africa Enterprise Fund	The AEF, operating under the International Finance Corporation, began operations in late 1989. The Fund assists small and medium-size enterprises in sub-Saharan Africa, supports investment projects, and promotes development of private enterprises in Africa to stimulate economic growth and productive employment.
African Export-Import Bank	AFREXIMBANK offers short-term export trade financing to African exporters aimed at enhancing intra-African trade and Africa's exports. Agreement to create the bank was based on a January 1993 agreement reached in Cairo, Egypt among African governments, central banks, regional and sub-regional financial institutions and other organizations. Bank headquarters are located in Cairo, Egypt.
After Sight	When a draft bears this phrase, the time begins to run from its acceptance date.
Agency for International Development	AID was created in 1961 to administer foreign economic assistance programs of the U.S. Government. AID has field missions and representatives in approximately 70 developing countries in Africa, Latin America, the Caribbean, and the Near East.
Agent	A representative in a foreign market who attempts to sell your good or service through his or her network. Agents may be exclusive or represent many companies. They usually do not take responsibility for delivery or servicing of your product and are paid on a commission basis. Also see Foreign Sales Agent.
Agent/Distributor Service	The Agent/Distributor Service, ADS, is an International Trade Administration (ITA) fee-based service that locates foreign import agents and distributors. ADS provides a custom search overseas for interested and qualified foreign representatives on behalf of a U.S. exporter. Officers abroad conduct the search and prepare a report identifying up to six foreign prospects that have examined the U.S. firm's product literature and have expressed interest in representing the U.S. firm's products.
Agio	Premium received by a broker from an exporter for assuming the exporter's countertrade obligations. The commission paid to the broker represents a disagio for the exporter.
AGR Imports	American goods returned.
Aide-Mémoire	A short written summary of oral remarks made to a foreign government representative and left with that individual.
Air Waybill	A bill of lading that covers both domestic and international flights transporting goods to a specified destination. This is a nonnegotiable instrument of air transport that serves as a receipt for the shipper, indicating that the carrier has accepted the goods listed and obligates itself to carry the consignment to the airport of destination according to specified conditions. Compare Inland Bill of Lading, Ocean Bill of Lading, and Through Bill of Lading.
Aktiengesellschaft (AG)	AG (German, meaning: "stock company") is a corporation with a separate legal personality which must have at least five partners. The firm name usually reflects the activities of the company and must include "AG."
All Containership	Vessel designed to carry containers only and no other cargo. (see Cellular Vessel)
All-in	A freight quotation including all charges, often in one lump sum rather than broken down.
All Risks	An insurance term which means that the policy covers the insured property for loss caused by any fortuity. The policy does not cover inevitable loss.
All Risk Clause	An insurance provision that provides additional coverage to an Open Cargo Policy, usually for an additional premium. Contrary to its name, the clause does not protect against all risks. The more common perils it does cover are theft, pilferage, non-delivery, fresh water damage, contact with other cargo, breakage, and leakage. Inherent vice, loss of market, and losses caused by delay are not covered.
Alongside	The side of a ship. Goods to be delivered "alongside" are to be placed on the dock or barge within reach of the transport ship's tackle so that they can be loaded aboard the ship.
Ambient Temperature	The temperature of a substance surrounding a body. Thus the ambient temperature of a container would be the temperature of the air to which it is exposed outside.
Amendment	A proposed change to a letter of credit.
American Depositary Receipts (ADRs)	ADRs are negotiable receipts for the securities of a foreign company that are kept in the vaults of an American bank, allowing Americans to trade the foreign securities in the United States while accruing any dividends and capital gains.
American Traders Index	The American Traders Index, ATI, is the U.S. and Foreign Commercial Service headquarters compilation of individual US&FCS domestic client files, for use by overseas posts to generate mailing lists.
And Arrival	A term relating to return of premiums on a hull policy. The ship must be safe at expiry of the policy: otherwise no return of premium will be paid.
Annual Return	This is a document, required by the government of many countries, providing certain details about the company. It often includes details of members, directors, the address of the company and sometimes some financial information.
Anticipatory Countertrade	Advance purchases of goods and services from a customer's country that a supplier undertakes, or causes, in expectation of a future sale linked to countertrade requirements. Such proactive purchases may not receive countertrade credit at the time of the export sale unless prior approval by the host country authorities is secured, tying the two import/export transactions.
Antidiversion Clause	See Destination control statement.
Antidumping	Antidumping, as a reference to the system of laws to remedy dumping, is defined as a converse of dumping.
Antidumping/Countervailing Duty System	The Antidumping/Countervailing Duty System, a part of Customs' Automated Commercial System, contains a case reference database and a statistical reporting system to capture data for International Trade Commission reports on antidumping and countervailing duties assessed and paid.
Antidumping Duty	A duty assessed on imported merchandise that is subject to an antidumping duty order. The antidumping duty is assessed on an entry-by-entry basis in an amount equal to the difference between the United States price of that entry and the foreign market value of such or similar merchandise at the time the merchandise was sold to the United States.
Antidumping Petition	A petition filed on behalf of an affected United States industry, alleging that foreign merchandise is being sold in the United States at "less than fair value" and that such sales are causing or threatening material injury to, or materially retarding the establishment of a United States industry. Commerce regulations (19 CFR 353) and International Trade Commission regulations (19CFR 207) specify the information a petition should contain.
Antitrust Law	Any law that encourages competition by limiting unfair business practices and curbing monopolies' power.
Arbitrage	The process of buying foreign exchange, stocks, bonds, and other commodities in one market and immediately selling them in another market at higher prices.
Arbitration	The submitting of matters of controversy to judgment by persons selected by all parties to the dispute.
Arrest	The detention of a vessel until the purpose of the arrest has been fulfilled.
ASEAN Free Trade Area	The Association of Southeast Asian Nations (ASEAN) agreed in January 1992 to create a free trade area (ASEAN Free Trade Area, or AFTA) with use of a common effective preferential tariff. Under the agreement ASEAN members will cut tariff rates within 15 years of its start date of January 1994.  Manufactured goods from 15 sectors designated as "fast track" are subject to tariff reduction to 0-5 percent within 10 years, and seven years if the starting rates were already below 20 percent. "Fast track" sectors include vegetable oils, cement, chemicals, pharmaceuticals, fertilizer, plastics, rubber products, leather products, pulp, textiles, ceramic and glass products, gems and jewelry, copper cathodes, electronics, and wooden and tartan furniture.
Asian Development Bank	The ADB helps finance economic development in developing countries in the Asian and Pacific area through the provision of loans on near-market terms, with its Ordinary Capital Resources (OCR), and on concessional terms, through the Asian Development Fund (ADF). The ADB was established in 1965 (began operating in December 1966); headquarters are in Manila, Philippines.
Asian Dollars	U.S. dollars deposited in Asia and the Pacific Basin. Compare Eurodollars.
Assessment	The imposition of antidumping duties on imported merchandise.
Assessor	A person who officially estimates the value of goods for the purpose of apportioning the sum payable in the settlement of claims.
Assignment	The documentary transfer of title to the contents of a container when signed over to an interested party.
Associate	One associated with another in an undertaking; closely or usually connected with another party or organization with common interests, as if a partner.
Association	Articles and Memorandum of Association. In common law jurisdictions these two documents comprise the constitution of a company and govern the powers of the company to trade, issue shares, and borrow money as well as defining the relationships between the shareholders, directors and the officers of the company.
ASWP	Any Safe World Port
Audit	Auditing is the examination of the accounts books and records of a company by an independent person with a view to that person expressing an opinion on the accounts presented by the company. It is a legal requirement in many countries, although the scope of the audit is often reduced for smaller companies.
Australian Zone Charge (AZC)	This is that portion of the Through Service that applies to the Land leg delivery in Australia. Either in the collection of goods for export, or the delivery of goods that have been imported. Partial loss of the whole adventure deliberately made to prevent total loss of the whole adventure. It may be sacrifice of property or expenditure incurred to save the adventure. Parties who benefit from a general average loss are required to make good that loss by contributing in the proportion that the saved value of the party’s property bears to the saved value of all interest involved in the adventure.
Authority to Pay	A document comparable to a revocable letter of credit but under whose terms the authority to pay the seller stems from the buyer rather than from a bank.
Automated Clearinghouse ACH)	The Automated Clearinghouse (ACH) is a feature of the Automated Broker Interface that is a part of Customs' Automated Commercial System. The ACH combines elements of bank lock box arrangements with electronic funds transfer services to replace cash or check for payment of estimated duties, taxes, and fees on imported merchandise.
Automated Commercial System (ACS)	The Customs Service's Automated Commercial System, ACS, is a joint public-private sector computerized data processing and telecommunications system linking customhouses, members of the import trade community, and other government agencies with the Customs computer.
Automated Trade Locator Assistance Network (ATLAS)	ATLAS is a Small Business Administration-sponsored, contractor-operated, automated system that provides market research information and statistics on world markets by SIC code (and possibly harmonized system). Indirect access is available for businesses, with arrangements through the local SBA district office. ATLAS, which became operational in Spring 1993, replaced SBA's export information system (XIS).
Average	Any loss or damage due to insured perils that is less than a total loss. Two types of average occur: Particular Average and General Average.
Average (Particular)	A fortuitous partial loss of insured property proximately caused by an insured peril, but which is not a general average loss.
Average Adjuster	A person appointed by a shipowner to collect data, guarantees, etc., in relation to general average, and to calculate contributions due from the parties concerned to make good general average losses. The adjuster may also adjust claims on hull insurance policies on behalf of underwriters.
Average Bond	An agreement signed by all interested parties acknowledging their liability to pay a share of the loss under General Average.
Average Disbursements	Expenditure incurred by the shipowner in connection with a general average act or an act of salvage. Such expenditure, when properly incurred, is re-coverable from the G.A. or salvage fund created by the average adjuster, not from hull underwriters.
Avoidance	The right of an underwriter to avoid a contract of marine insurance. This can occur in the event of a breach of good faith by the assured or by his broker or, in the case of a voyage policy, where the voyage does not commence within a reasonable time after acceptance of the risk by the underwriter.
Award	The decision given by an arbitrator, to whom a matter in dispute has been referred. An arbitrator states only the effect of his decision, without reasons thus differing from a judge, who usually states the grounds of his judgment.

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